Stephanie Baeten: what changed
Stephanie Baeten
Largest movements
- Receivables within one year +€12,367
up €12,367, from €0 to €12,367
of which Trade receivables: +€8,470
- Tangible fixed assets -€3,288
down €3,288 (-13.4%), from €24,609 to €21,321
of which Furniture and vehicles: -€7,214
- Cash +€1,891
up €1,891 (+7.5%), from €25,330 to €27,221
mainly Net result for the year (+€19,625) and Depreciation (+€8,067)
- Reserves +€19,625
up €19,625 (+107%), from €18,323 to €37,948
- Debts after one year -€5,473
down €5,473 (-53.9%), from €10,158 to €4,685
- Tax, wage and social debts -€2,214
down €2,214 (-21.3%), from €10,374 to €8,159
- Other debts -€922
down €922 (-100%), from €922 to €0
- Trade debts -€630
down €630 (-20.0%), from €3,146 to €2,516
- Gross operating margin +€12,597
up €12,597 (+48.5%), from €25,947 to €38,543
- Taxes +€3,605
up €3,605 (+64.3%), from €5,603 to €9,208
- Depreciation +€420
up €420 (+5.5%), from €7,647 to €8,067
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €51,359 | €62,336 | +€10,978 | +21.4% |
| Fixed assets | 21/28 | €24,609 | €21,321 | -€3,288 | -13.4% |
| Tangible fixed assets | 22/27 | €24,609 | €21,321 | -€3,288 | -13.4% |
| Plant, machinery and equipment | 23 | - | €681 | +€681 | |
| Furniture and vehicles | 24 | €19,427 | €12,213 | -€7,214 | -37.1% |
| Other tangible fixed assets | 26 | €5,181 | €8,428 | +€3,246 | +62.7% |
| Current assets | 29/58 | €26,750 | €41,015 | +€14,265 | +53.3% |
| Amounts receivable within one year | 40/41 | €0 | €12,367 | +€12,367 | |
| Trade receivables | 40 | €0 | €8,470 | +€8,470 | |
| Other amounts receivable | 41 | - | €3,897 | +€3,897 | |
| Cash at bank and in hand | 54/58 | €25,330 | €27,221 | +€1,891 | +7.5% |
| Deferred charges and accrued income | 490/1 | €1,420 | €1,427 | +€7 | +0.5% |
| Total equity and liabilities | 10/49 | €51,359 | €62,336 | +€10,978 | +21.4% |
| Equity | 10/15 | €21,323 | €40,948 | +€19,625 | +92.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €18,323 | €37,948 | +€19,625 | +107% |
| Distributable reserves | 133 | €18,323 | €37,948 | +€19,625 | +107% |
| Amounts payable | 17/49 | €30,036 | €21,388 | -€8,648 | -28.8% |
| Amounts payable after more than one year | 17 | €10,158 | €4,685 | -€5,473 | -53.9% |
| Financial debts | 170/4 | €10,158 | €4,685 | -€5,473 | -53.9% |
| Amounts payable within one year | 42/48 | €19,755 | €16,148 | -€3,607 | -18.3% |
| Current portion of amounts payable after more than one year | 42 | €5,314 | €5,473 | +€159 | +3.0% |
| Trade debts | 44 | €3,146 | €2,516 | -€630 | -20.0% |
| Suppliers | 440/4 | €3,146 | €2,516 | -€630 | -20.0% |
| Taxes, remuneration and social security | 45 | €10,374 | €8,159 | -€2,214 | -21.3% |
| Taxes | 450/3 | €10,374 | €8,159 | -€2,214 | -21.3% |
| Other amounts payable | 47/48 | €922 | €0 | -€922 | -100% |
| Accrued charges and deferred income | 492/3 | €122 | €554 | +€432 | +353% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,647 | €8,067 | +€420 | +5.5% |
| Other operating charges | 640/8 | €855 | €1,165 | +€310 | +36.2% |
| Non-recurring operating charges | 66A | €132 | €0 | -€132 | -100% |
| Gross operating margin | 9900 | €25,947 | €38,543 | +€12,597 | +48.5% |
| Operating profit (loss) | 9901 | €17,314 | €29,312 | +€11,999 | +69.3% |
| Financial charges | 65/66B | €678 | €479 | -€199 | -29.3% |
| Recurring financial charges | 65 | €678 | €479 | -€199 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €16,636 | €28,833 | +€12,197 | +73.3% |
| Income taxes | 67/77 | €5,603 | €9,208 | +€3,605 | +64.3% |
| Profit (loss) for the period | 9904 | €11,032 | €19,625 | +€8,593 | +77.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,032 | €19,625 | +€8,593 | +77.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.